Severe storms raise home insurance rates - Middletown Journal

By Kyle Nagel, Staff Writer 12:29 AM Wednesday, July 11, 2012

The average cost of homeowners insurance premiums in Ohio increased 40 percent between 2003 and 2010, and that upward trend is expected to continue due to a recent string of damaging weather events, industry experts said.

The premium increases came during a decade in which Ohio ranked ninth nationally in disaster damage claims, with $5.2 billion from 2002-11, according to the insurance risk research company Verisk Analytics. Increased storms helped push the average Ohio premium from $476 in 2003 to $666 in 2010.

Despite the increase, Ohio premiums remained relatively low, ranking sixth lowest nationally in 2009, the most recent year with complete data.

"Based on what has occurred, what they do is look to make predictions on what will happen down the road," said Mitch Wilson, a spokesman for the Ohio Insurance Institute. "They make projections for the filings of rates."

The significant weather events continued recently with two days of wind storms that caused hundreds of thousands of area residents to lose power. Beginning with wind storms produced by remnants of Hurricane Ike in 2008, which caused $1.255 billion in insured losses, nine major wind and hailstorm events through last July were the causes of nearly $2 billion in damage, according to information from the Ohio Insurance Institute.

Wilson said Ohio's storm damage from 2007-11 was double that of the previous five-year period.

Insurance companies, which collected $2.16 billion in Ohio home and renters insurance premiums in 2010, must have rate increases approved by the Ohio Department of Insurance, and industry officials said companies cannot raise rates to cover past losses. However, the companies can claim an increase in bad weather signals that they have more risk in the future. That has caused premiums to increase steadily.

"I think anyone who has lived in Ohio in the past few years has recognized a major number of natural disasters, and they've generated significant insurance claims," said Michael Barry, a spokesman for the Insurance Information Institute. "Insurers are looking to price the policy to reflect the risks."

Increasing rates

Until 2008, the costliest weather event in Ohio occurred in 1974, when the Xenia tornado caused about $1 billion in claims, adjusted for inflation. Destructive weather has since increased, which has led insurance companies to price policies reflecting their belief of increased risk.

From 2003 to 2010, the average premium in Ohio dropped only once, from $531 in 2005 to $530 in 2006. Industry officials said several factors influence rates, although the biggest of them is the threat of severe weather. Companies also will consider the costs of construction and materials as well as home values in determining premiums.

"We need to keep in mind insurance companies can't say, 'I want to increase our rates to recoup past losses,' because if they do that the Department of Insurance will shoot it down," Wilson said. "They can try to predict based on future or potential risk. They look down the road, look at potential models, based on what has happened over the past few years."

While companies try to calculate total damage of the recent wind storms that downed trees and damaged homes, companies said, those tumultuous weather days will not directly affect rates by themselves.

"Individual events have no bearing on rate changes," Angie Rinock, a spokesperson for State Farm Insurance, wrote in an email. "We take a long-term view and no one incident is the sole determining factor in setting rates."

Ohio low nationally

In 2009, Ohio claimed the nation's sixth lowest average premium, at $613. By comparison, the nation's highest average premium, in Texas ($1,511), was almost 2.5 times the Ohio average, while the average premium price nationally increased 36.3 percent from 2003 to 2010, to $911.

Industry observers said the relatively low rates — despite Ohio's high standing on damage lists — comes because of competition in the state and regulatory efforts by the Ohio Department of Insurance.

"If the rate gets so high, the policyholder can say, 'Enough, I want to go elsewhere,' " said Barry of the Insurance Information Institute. "The competitive marketplace keeps home insurers from big increases in their rates."

Still, observers said, the companies are setting rates by guessing at future events, although they use past events to determine trends. However, determining trends takes more than several years of evidence, said WHIO-TV meteorologist Rich Wirdzek.

"There is no way to determine, based on a couple years' worth of storms, where we're headed or what the trend is," he said.

But the companies said they use information available to them, which lately has caused them to increase rates. Although some might think those rates are rising too quickly, officials said the companies' priority is making sure they can pay claims.

"I suppose most (people) think, 'My rates are high already,' but it just comes down to simply if you or I were running a business, you have to cover expenses," said Gary Waldron, insurance program manager for the Professional Insurance Agents Association of Ohio.

"Part of what you do is take in premiums and pay out claims, but you also pay overhead, salaries, utility bills, all other overhead expenses, and it's what is required to be able to continue providing service."

Contact this reporter at (937) 225-7389 or Kyle.Nagel@coxinc.com.

Renters Insurance Basics for Ex-Homeowners - Fox Business

Foreclosure fallout in the U.S. means millions of former homeowners are now renting, as they're unable to get mortgages or are skittish about buying. Insurance industry analysts say some of these new renters are neglecting to take out renters insurance, which can cost as little as $15 a month.

When disaster strikes, it doesn't matter if you're in a home that you own or a rented apartment. Renters face the same risks and potential for loss of property as homeowners. That's why it's important, regardless of your living situation, to have insurance to protect your personal items in case of disaster, agents say.

Renters insurance is similar to homeowners insurance but is "way cheaper" because you're insuring only the contents of a home, not the building itself, says Michael Barry, a spokesman for the Insurance Information Institute, an industry group. "The dwelling is now your landlord's responsibility."

What Renters Insurance Covers

The main type of residential insurance for renters is formally called an "HO-4" policy. It will cover your stuff against losses from various types of peril, including: smoke, fire or lightning; windstorm or hail; explosion; riot or civil disorder; aircraft and vehicle damage; vandalism; theft; volcanic eruptions; falling objects; weight of snow or ice; accidental plumbing overflows; sudden disintegration of a steam or hot water heating system, or a household appliance; and accidental electrical damage.

Floods and earthquakes aren't covered and require you to buy a separate policy or rider.

How the claims are paid

As with homeowners insurance, renters insurance offers either "actual cash value" or "replacement cost" coverage for your belongings.

An actual cash value policy will pay only what the item was worth at the time it was reported damaged. For example, if you bought a big flat-screen television five years ago and paid $3,000, your insurance company will pay you only for what that old TV of yours is worth today -- which will be considerably less than $3,000 -- then, minus your deductible.

Replacement cost coverage will pay what it would cost to replace the item with a new one, minus the deductible. Replacement cost coverage will cost you more in premiums but generally will pay out more if you need to file a claim.

You Need to Take Stock of Your Stuff

To make sure you buy enough renters insurance, you need to take an assessment of what you own. Make a list, and submit it to your insurance agent.

Take note of serial numbers and the value of each item when you bought it. Photograph or videotape each room, including closets, and keep receipts for major items in a fireproof box or bank box. In case of disaster, you'll need to prove what was damaged and how much it was worth. If your agent knows what was in the residence, you'll have a much easier time if you need to make a claim.

"Renters are wise to insure their possessions," says Brad Lemons, a vice president of property product and pricing at Nationwide Insurance. "A renter should not underestimate the amount of coverage needed. By taking a quick inventory of their possessions, a consumer will soon realize how quickly things can add up."

Got Bling? You'll Want Extra Coverage

If you have valuables, you'll want to consider an additional personal property policy for those, says Rebecca Hirsch, spokeswoman for USAA insurance, which serves military members and their families.

"A valuable personal property policy has broader coverage and no deductible. It covers items like cameras, jewelry, fine art, etc.," Hirsch says. "And it's not limited to certain perils -- for example, if you lost your engagement ring down the sink, your homeowners or renters policy would not cover that incident, but losing your ring is covered under a valuable personal property policy."

Valuables policies are inexpensive, Hirsch says -- about $4 a month for $2,500 of coverage.

Renters Insurance Discounts Possible

To reduce your renters insurance bill, you could raise your deductible, same as with homeowners and other types of insurance. But make sure you can afford the deductible you choose.

Premium discounts may be available if you buy and maintain smoke detectors, burglar alarms and fire extinguishers. If you're over 55 and retired, ask about additional discounts. Also, most insurers will give you a price break if you buy multiple products, such as holding both auto and renters insurance with the same company.

Not everyone is convinced that renters insurance is affordable or worth the investment. About 97 percent of homeowners have insurance coverage, but only about 47 percent of renters are insured, Barry says.

"In this tight economy, sometimes people opt not to get it," he says. "From wildfires to planes crashing into apartments, there's almost always a potential threat to your personal belongings. So renters certainly ought to take a second look into getting this type of coverage if you don't have it."

The Silicon Valley Association of Realtors praised Congress for finally passing one of the real estate industry's key legislative priorities, a five-year reauthorization of the National Flood Insurance Program, also known as the Biggers-Waters Flood Insurance Reform and Modernization Act of 2012.

The House passed the bill 373-52 and sent the measure to the Senate, which passed it 74-19. President Obama is expected to sign it into law.

According to the National Association of Realtors, the five-year reauthorization will bring certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage. The bill ensures the program will continue long-term for more than 5.6 million business and home owners who rely on it.

During the national group's midyear meetings in May, members of the Silicon Valley Association of Realtors joined thousands of their colleagues nationwide who met with their members of Congress in Washington, D.C., and urged action on several priority issues, including the National Flood Insurance Program.

"We are happy that Congress has passed a five-year reauthorization of the flood insurance program. Through the years, Realtors have worked hard to seek a long-term extension to prevent continued lapses in flood insurance coverage, which have caused buyers' loans to be delayed or denied," said Suzanne Yost, president of the local trade association.

"As Realtors,

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it is our responsibility to protect the American dream of home ownership. This latest legislative victory shows it is important for us to persevere on these issues for the sake of consumers, homeowners and future homeowners. The long-term reauthorization of the NFIP will give lenders and homeowners the assurance that flood insurance will be available for homeowners and those buying and selling real estate," continued Yost.

Since 2008, Congress had been extending the National Flood Insurance Program a few months at a time. Twice this led to shutdowns, including one that stalled more than 40,000 home sales in June 2010 alone. The NFIP will be in effect until Sept. 30, 2017, and includes several reforms, such as phasing out subsidies for many properties, allowing multifamily properties to purchase NFIP policies and imposing minimum deductibles for flood claims.

According to real estate agents, the National Flood Insurance Program has averted $16 billion in losses by strengthening millions of properties against floods. Without NFIP, there would be more uninsured and unmitigated properties, taxpayers would still be on the hook for disaster assistance to these properties, and there would be no premiums to pay down any remaining loan balance or collect interest.

Information in this column is presented by the Silicon Valley Association of Realtors at www.silvar.org. Send questions on any topic to rmeily@silvar.org.

Copyright 2012 San Jose Mercury News. All rights reserved.

Insurance and tree removal companies stay busy in aftermath of storm - WANE

Updated: Tuesday, 10 Jul 2012, 2:06 AM EDT
Published : Tuesday, 10 Jul 2012, 1:24 AM EDT

FORT WAYNE, Ind. (WANE) - Insurance and tree removal companies have stayed busy helping homeowners clean-up the damage from June's storm.  Both industries were bombarded with calls as soon as the storm passed.

Hupe Insurance Services President Roger Hupe said Monday the phones at his office rang non-stop for nearly three days.  Most calls were from people wanting to know the steps to get a claim filed and fix their home.

In all, close to 75 percent of Hupe's customers said they had some type of damage on their property.

"At this point, everyone who has reported damage has been contacted," Hupe said.  "They've been given direction on the next step.  In most cases, appraisers have been out and things are well on their way to resolution."

Hupe said many homes had at least $5,000 in damages.  He knew of one home with $15,000 in damages, and another had suffered $70,000 in damages.

Hupe added that companies brought in adjusters from other parts of the country to help with assessing damages.  Many times, an adjuster would write a check on the spot to the homeowner.

However, many homeowners may have found out their policy did not cover knocked down trees, unless the toppled tree damaged the house or vehicle.

"In most cases, it has to be direct damage to the house," Hupe said.

It was also true for people looking to be reimbursed for deciding to stay at a hotel.  Most policies only cover hotel expenses when a family is displaced from a home due to damage, and does not cover homes that lost electricity.

The majority of trees didn't fall into houses or cars, which means homeowners were stuck with the bill to pick those up.

Hupe offered a couple tips for anyone on a budget who needed a tree taken away.

"You can buy your own chainsaw, and sweat the work yourself," he said.  "Or find someone who sells firewood and will cut it up and take it away."

Tree removal services had the same number of calls after the storm.  Lawnscape Land Management  said Monday its had crews out on weekends and even the Fourth of July to get trees off of people's roofs and out of their yards.

"We've had several trees on houses, or trees on cars," Hollie Shelton, the manager of Lawnscape Land Management, said.  "Property damage all the way around."

Shelton said it could be a couple months before all the debris is cleaned up.  Another tree removal company said it was booked for the next three weeks.

The company assessed all the damaged, and decided to get the home's with roof damage first.

"We get the tree off the home," she said.  "For now, what's most important is to get people back in their homes."

From there, the plan is to fix any other types of property damage, and then go back to clean-up the remaining limbs and debris.

Shelton said her crews have already been to several houses that have been condemned because of storm damage.

"It's extreme," Shelton said, when asked about the amount of time it's taken to clean-up the damage.  'It's exhausting, overwhelming.  It's a team effort and it's got to be done.  That's what we're here for."

Homeowners offered new earthquake policy options - San Francisco Chronicle

The California Earthquake Authority, hoping to increase the small percentage of people who have quake insurance, has introduced a line of policies called Choice that gives homeowners more coverage and premium options.

For example, homeowners can pay a lower premium if they want to cover structural damage to their dwelling alone and waive coverage for personal property (such as furniture and appliances) and additional living expenses if they have to move out of the house.

The authority's standard policies - which it continues to sell - cover all three types of post-quake expenses, although homeowners can choose whether they want a 10 or 15 percent deductible. They can also choose how much coverage they want for personal property (in amounts ranging from $5,000 to $100,000) and additional living expenses ($1,500 to $25,000).

With the new Choice policies, which debuted July 1, homeowners can cover:

-- Dwelling only

-- Dwelling plus personal property/contents

-- Dwelling plus living expenses/loss of use

-- Dwelling, personal property and living expenses

Homeowners cannot cover personal property or living expenses alone without covering the dwelling (although renters and condo owners can).

On average, a homeowner who covered structural damage would pay a 10 percent lower premium than if he chose a standard policy that covered the minimum $5,000 in personal property and $1,500 in living expenses. Actual savings would vary depending on the home's location and type of construction, says Shawna Ackerman, the authority's chief actuary.

This option might appeal to cost-conscious customers willing to forgo contents and loss-of-use coverage and to people who rent out their homes, says Glenn Pomeroy, the authority's chief executive.

Deductible choice

Choice also lets homeowners choose how they want their deductible applied.

With a quake policy, the dwelling coverage must be equal to the limit on the homeowner's policy that covers all other perils. If your homeowner's insurance will pay up to $400,000 if your home is destroyed by fire, your quake policy also must cover up to $400,000 in structural damage.

With a quake policy, the deductible is a percentage of your policy limit. If your deductible is 15 percent and your policy limit is $400,000, your deductible is $60,000. The steep deductible keeps most people from buying the insurance. But it gets worse.

With a standard California Earthquake Authority policy, structural damage must exceed the deductible before any personal property coverage can be paid - a fact some policyholders might not realize until it's too late.

Suppose your home is insured for $400,000 and you choose a 15 percent deductible and $25,000 in personal property coverage.

If you sustain $50,000 in structural damage and $30,000 in personal property losses, the standard policy pays nothing because you did not meet the deductible - $60,000 in structural damage.

However, if you suffer $70,000 in structural and $30,000 in personal property damage, it would pay $35,000 because your deductible has been met.

Choice gives you the option of having deductibles apply separately to dwelling and contents.

Using the example above, suppose you choose a 15 percent deductible for your structure and 15 percent for your contents. The structure deductible is still $60,000 while the contents deductible is $3,750 (15 percent of your $25,000 contents limit).

In this case, if you sustained $50,000 in structural and $30,000 in contents damage, the policy would pay nothing toward structural repairs but it would pay $25,000 (your policy limit) worth of contents because your deductible has been met.

Policyholder payoff

Having the deductible apply separately costs a bit more than a standard policy - about 12 percent on average for a policy with a minimum $5,000 in contents and $1,500 in living expenses. But it increases the likelihood that policyholders will get some payoff in the event of a quake.

(Coverage of additional living expenses is not subject to a deductible.)

"No more than 1 out of 10 homes in California has earthquake insurance," Pomeroy says. Giving customers more options "is one of a number of initiatives we are working on to increase the value proposition."

The authority is also working on a plan to pay some homeowners to do simple earthquake retrofitting projects. State law requires the authority to put some of its investment returns into a mitigation fund, which would finance the retrofit projects.

Amy Bach of the consumer group United Policyholders says the new policies "add options for that small number of consumers who are willing to buy earthquake insurance. But it doesn't solve the underlying reason people don't buy insurance, which is the deductible and the cost of the product overall."

Kathleen Pender is a San Francisco Chronicle columnist. Net Worth runs Tuesdays, Thursdays and Sundays. E-mail: kpender@sfchronicle.com Blogging: sfgate.com/pender Twitter: @kathpender

How safe are safes? - Fox Business

Safes are suddenly fashionable. They're not just dull, gray, square boxes -- many are pieces of art, cleverly designed decoys, or a combo of stealth and sturdy.

People are stashing their cash and valuables in home safes for a variety of reasons. Perhaps they don't trust the banks, or think the banks might fail. Other savers may be leery of the stock market. And then there are nervous Nellies prepping for the end of world who want to have cash on hand when the calamity comes.

Whatever the reasons, these people feel that a home safe is the place for their cash, gold, jewelry and other treasures. While the standard, no-fuss safe can be purchased from the hardware store for $50, fancy safes can run into the thousands and even tens of thousands of dollars for the 1 percenters who spare no expense for the luxury of being able to sleep soundly.

But is it all for naught?

"People need to wake up. They think they are protecting themselves, but they may actually be putting themselves at more risk," says Michael Kresh, a Certified Financial Planner with Creative Wealth Management in Islandia, N.Y. "Sure you want to have some cash at home, but more than a little feels unsafe," he says.

Not very safe after all

Quite simply, keeping cash, gold, jewels or any important documents in a home safe is not a secure choice, says Ted Sarenski, president and CEO of Blue Ocean Strategic Capital in Syracuse, N.Y.

For starters, some small home safes that state they are fireproof are not necessarily so. In addition, the heat in a house can get so intense that the contents of the safe will be destroyed without an actual fire getting inside, says Sarenski.

And the mere presence of a safe in your home can be an invitation to thieves. Typical home safes are not so large that they can't easily be stolen by someone who is aware the safe exists.

"Are you putting a target on your back?" asks Rich Arzaga, founder of Cornerstone Wealth Management in San Ramon, Calif.

If your safe is stolen, don't assume your insurer always will have your back when goodies are destroyed or pirated away by bandits. "There are limits on recovery from home insurance claims," cautions Nick McCummings, manager of the Harrington Insurance Agency, which has offices in Massachusetts.

For example, standard home insurance policies generally protect money, gold and silver. Check your policy for the limits though - it might be as low as $200. Even the carriers that market to the affluent may max out coverage at $2,500 per loss for those items, says R. Todd Rockefeller of DeRosa, Rockefeller, Sohigian & Werdal in Harrison, N.Y.

Standard industry jewelry limits range from $500 to $5,000 for top carriers.

Additional coverage for jewelry can be purchased easily. You can get an insurance rider, floater or endorsement. Ask your agent which is best for you. Jewelry can be itemized and scheduled for a value upon which you and the insurer agree. Coverage is worldwide, no deductible applies and loss by mysterious disappearance is included, says Rockefeller. Blanket limits can also be purchased. Such a limit is a bucket of coverage to claim lost jewelry items, generally up to $10,000 per item, he adds.

Insurance claims for theft

Even with home insurance coverage, don't expect the claims process to be a breeze. You'll need proof. You've probably heard the advice plenty of times: Keep detailed records of what is in the safe. That means you need receipts, invoices and pictures or video of your items. For really expensive items like exquisite jewelry, an appraisal stating its value is a worthwhile investment. Remember to update your inventory list -- not just for yourself, but for your insurance company.

The documentation you provide will have a direct bearing on the ease of the claims process. If you're making a claim for theft of cash, ATM or banking transaction receipts are excellent, says Kevin Lynch, an assistant professor of insurance at The American College in Bryn Mawr, Pa. But even that may not be good enough for some insurers.

"Say you had $5,000 cash stolen: The insurance company will want proof. Even if you went to the bank and withdrew $5,000, if it wasn't stolen on that same day, the insurance company could question you about how they could be sure you didn't spend the money," says Lynch.

Also, do the math. Is it worth filing a claim? One theft claim typically won't jack up your premium when it's time to renew your policy. But that rule doesn't always hold.

"In many instances, even one claim may increase your premium upon renewal. I always advise my insureds about the risk of an increase versus filing a claim. If a policy is increased by $250 for three years for a $500 stolen cash claim, then I would advise against the claim. The increase is actually more over the three-year period than the recovery of the $500," says McCummings.

Multiple claims could cause you to be nonrenewed and lead to difficulty in securing future coverage, says Lynch.

Consider, too, your deductible. If $700 in jewelry was stolen and your deductible is $500, that $200 may not do you much good. "Save the claim for a larger, more catastrophic loss for which insurance was designed," says Rockefeller.

The final analysis

All of this begs the question: Is it worth keeping your valuables in a home safe? You may be better off putting jewelry and other valuables in a safe-deposit box at a bank.

"In a bank, there is a lot more security. The bank has [an insurance] policy with higher limits than you can get with yours," says Peter Moraga, a spokesperson for the Insurance Information Network of California, a nonprofit trade association.

Finally, says Sarenski, "The best place for cash is in the bank in a bank account. You have proof through your bank account statements or online access, and if the bank goes bankrupt, your cash is insured up to $250,000" by the Federal Deposit Insurance Corp.

The original article can be found at Insure.com:
How safe are safes?

Could Insurance Rules Survive If GOP Goes After Health Law Through Budget ... - Kaiser Health News

Politico explores what might become of this element of the health law if Republicans win control of Congress and the White House and attempt to unwind the law through the same budget reconciliation process that Democrats used to pass it. Other parts of the law under GOP attack include the online insurance markets where individuals and small businesses could buy coverage and the provision of federal subsidies to help some people buy coverage.

Politico: Insurance Rules Might Stay Even If ACA Repealed
GOP Hill aides are still working through the details of what they can rip out of the Affordable Care Act through budget reconciliation — the same complex process used more than two years ago to usher through final passage of the health law. There's broad agreement Republicans could use the legislative maneuver to go after the law's individual mandate. … Health policy analysts are split on what else can stay under reconciliation and what can go. There's uncertainty, in particular, on what would happen to the new insurance rules. … The Senate parliamentarian — Congress's rule maker — will be at the center of any decision (Millman and Dobias, 7/8).

The New York Times: Brawling Over Health Care Moves To Rules On Exchanges
Critics of the new health care law, having lost one battle in the Supreme Court, are mounting a challenge to President Obama's interpretation of another important provision, under which the federal government will subsidize health insurance for millions of low- and middle-income people. ... At issue is whether the subsidies will be available in exchanges set up and run by the federal government in states that fail or refuse to establish their own exchanges. Critics say the law allows subsidies only for people who obtain coverage through state-run exchanges. The White House says the law can be read to allow subsidies for people who get coverage in federal exchanges as well (Pear, 7/7).

Kansas City Star: Kinder Vows To Sue Over Missouri Health Care Exchanges
Republican Lt. Gov. Peter Kinder is once again taking his opposition to the federal health care law to court, this time promising a lawsuit challenging the language that will appear on Missouri's Nov. 6 ballot. The language — crafted by Democratic Secretary of State Robin Carnahan — attempts to summarize a measure passed by the Republican-dominated General Assembly that would allow voters to decide whether the governor should be allowed to set up an online marketplace for patients to shop for insurance policies (Hancock, 7/6).

The Associated Press: The Tax Man Cometh To Police You On Health Care
The Supreme Court's decision to uphold most of President Barack Obama's health care law will come home to roost for most taxpayers in about 2½ years, when they'll have to start providing proof on their tax returns that they have health insurance. That scenario puts the Internal Revenue Service at the center of the debate, renewing questions about whether the agency is capable of policing the health care decisions of millions of people in the United States while also collecting the taxes needed to run the federal government (Ohlemacher, 7/8).

The Hill: Health Law Mandate Isn't 'Largest Tax' Despite GOP Claims
To hear Republicans tell it, the individual mandate to buy health insurance that the Supreme Court has now declared to be a tax is the "largest tax in America's history." Yet even when considered as a revenue-raising tax, the mandate at the center of President Obama's signature legislation is not even the largest tax increase in the 2010 healthcare law, much less in the history of the republic. The Congressional Budget Office projects that the penalty, or tax, for not buying health insurance will bring in just about $4 billion a year and a total of $17 billion by the end of the decade. Taken either as a whole or as a percentage of the overall economy, that pales in comparison to many tax increases in recent decades (Berman, 7/8).

The Fiscal Times:  Employer-Based Health Care Plans On Slippery Slope
Will any of the 160 million Americans who receive health insurance from their employers lose that coverage because of the Affordable Care Act? Former Massachusetts Gov. Mitt Romney, the presumptive Republic nominee, has repeatedly challenged the President Obama's assertion that no one who likes their current plan will lose it. "Up to 20 million Americans . . . will lose the insurance they currently have, the insurance that they like and they want to keep," he said shortly after the Supreme Court decision upholding the law was announced. The claim is based on a 2011 McKinsey & Co. online survey of 1,329 corporate executives where 9 percent said they would "definitely" drop coverage (Goozner, 7/9).

This is part of Kaiser Health News' Daily Report - a summary of health policy coverage from more than 300 news organizations. The full summary of the day's news can be found here and you can sign up for e-mail subscriptions to the Daily Report here. In addition, our staff of reporters and correspondents file original stories each day, which you can find on our home page.